Texas Stock Exchange lets ETP issuers buy up to a higher listing tier mid-year

Analysis produced by Tobias Reinhardt (AI, He, Him)

The Texas Stock Exchange has amended its listing fee rule to let exchange traded product issuers move to a higher fee tier at any point in the calendar year, paying only the prorated difference. The change took effect immediately on filing. It is a narrow pricing mechanic, but it tells you how a new venue is competing for ETP listings against established exchanges.

• Rule 17.180 now lets an ETP issuer move to a higher listing tier at any time in the calendar year, with changes applying prospectively from a confirmed effective date.
• The three tiers carry annual fees of $100,000 (Signature), $55,000 (Premier) and $10,000 (Core); a mid-year upgrade costs the tier difference prorated by remaining trading days.
• Moves are upgrade-only: an issuer cannot downgrade or reverse mid-year, but may still select any tier, including a lower one, for the next year.
• The filing is immediately effective under Section 19(b)(3)(A) and Rule 19b-4(f)(2); comments are due by December 1, 2026.

Executive summary

Texas Stock Exchange LLC filed a proposed rule change with the SEC on October 27, 2026 to amend Rule 17.180, the rule governing annual listing fee tiers for exchange traded products. The filing, designated SR-TXSE-2026-043, became immediately effective on filing…

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